Trump's billionaire Treasury chief nominee says minimum wage should stay at $7.25 per hour

[BumRushDaShow]

Source: Raw Story

January 16, 2025 1:42PM ET


Billionaire businessman Scott Bessent, President-elect Donald Trump's pick to lead the Treasury Department, argued that the federal minimum wage should remain at $7.25 an hour.

During his confirmation hearing before the Senate Finance Committee on Thursday, Sen. Bernie Sanders (D-VT) asked Bessent about raising the federal minimum wage.

"Right now in America, we have over 22 million workers who are making less than $15 an hour, and nearly 40 million people in our country earning less than $17 an hour," Sanders explained. "Shamefully, the federal minimum wage, despite the efforts of myself and other people here, have not been raised since 2009 and remains an unbelievable $7.25 an hour."

"Will you work with those of us who want to raise the federal minimum wage to a living wage to take millions of Americans out of poverty?" the senator asked. "Senator, I believe that the minimum wage is more of a statewide and regional issue," Bessent replied.

Read more: https://www.rawstory.com/scott-bessent-minimum-wage/

[Lovie777]

1. Oh shit..............

magas I blame you.

[Rebl2]

5. Well

that will hurt a lot of maga people now won’t it.

[2naSalit]

19. We need to slam those idiots...

With this one.

[yourout]

2. Surprised they don't want to lower it or completely eliminate it.

[TBF]

17. They're just getting started. nt

[rurallib]

3. how very christian of them

[atreides1]

38. I have come to realize

That there is no such a creature as MAGA Christian...it's an oxymoron!!!

[Dave Bowman]

51. Some maga are christians, or that's how they call themselves, but

they are all morons, without exception.

[Rebl2]

4. F him

and all the oligarchs 🤬

[Bernardo de La Paz]

6. Because Biden defeated inflation, right? Nope, he's a sycophant who will lose his husband if tRump has his way. . nt

[Bengus81]

7. Well...if you live in a red State you'll never see a MW wage increase in the next four years...

Who better to make that decision than a few BILLIONAIRES..................

[twodogsbarking]

8. Remember when that CEO guy got shot?

Best be careful.

[Wiz Imp]

9. I said from the day this guy was announced - he is very bad news.

He's yet another incompetent sycophant. He has no background in Economics and his public statements show he has no clue how economics works either. He's a hedge fund manager. Absolutely the worst kind of guy to be in charge of the Treasury.

[C0RI0LANUS]

10. Breathtaking, absolutely astonishing that this is where America has come to. What would FDR have said?

An oligarch with zillions of dollars who couldn't spend it all in ten lifetimes is going to be in charge of the US Treasury and doesn't give a sh#t about us hoi polloi. This is bewildering.



21st Century America is behind Denmark where pay starts at $15.57 per hour and Trumpf wants to annex Greenland.

[William Seger]

41. Trump's oligrachs could PERSONALLY add $0.50 to the minimum wage and still be billionaires

There are about a million people making at or below minimum wage. Adding $0.50 an hour to their pay would add $2,080 a year, or a little over $1B total. Bessent's company is valued at $2.7B.

[C0RI0LANUS]

47. Hi William Seger

2019 US Census Bureau figures show that the gap between America’s rich and poor is the largest it has been in more than 50 years of tracking income inequality.

I cannot imagine how much worse it will be for Americans after four years of Trumpf.

There must be no poor Republicans in Louisiana, Georgia, South Carolina, Mississippi, or other parts of the US. Who knew?


Source:

https://www.washingtontimes.com/news/2019/sep/27/income-gap-between-rich-and-poor-in-us-is-largest-/

[Irish_Dem]

11. How can billionaires become trillionaires if they pay people more than $7 an hour?

Down right sad that they have to stay billionaires.

[kacekwl]

12. I will give him my direct deposit

information so he can direct my trickle down payments.

[patphil]

13. I'm sure he'd reduce the minimum wage if he could.

[purr-rat beauty]

14. They ALWAYS defer to state rights when it suits them

oh hey, here's a state's right card I can play to get out of any pro-citizen thinking

[GB_RN]

15. Anyone Who Opposes (Automatic*) Increases...

In minimum wage, should be forced to live on it for at least a year, with no access to their normal income/assets.

*It should be pegged to inflation, so that we don’t keep doing this, over and over, while telling poor people “Fuck off.” Just not in so many words.

FYI, if minimum wage had kept pace with inflation, it would have been about $21 an hour back in ‘14. Wanna know what I was making in ‘14, as a new grad RN on a cardiothoracic surgery ICU at a major, and prestigious university medical center? A shade over $21 an hour. A four year degree, taking care of the sickest of sick
cardiac patients, making the equivalent of minimum wage. It would be closer to $30, today, which is about what a new RN makes at my hospital (thanks to market adjustments over the last two years).

[VMA131Marine]

27. Minimum wage is pegged to inflation in several states

California
Connecticut
Colorado
New York

But other states are raising their minimums in 2025

https://www.axios.com/2024/12/30/minimum-wage-raise-2025

[GB_RN]

34. True.

Yeah, some Blue states are raising and pegging minimum wage to inflation. But not all. And most Red states are giving their citizens the 🖕

IMO, a national minimum, pegged to inflation should be the absolute floor. Solves the problems of it stagnating and certain states being retrograde intransigents.

[JoseBalow]

16. That's $15,080 per year working full-time, BEFORE taxes

Shameful

[riversedge]

20. I know folks on that wage--they visit the soup kitchen and grocery kitchen frequently.

[GreenWave]

18. They pretend minimum is maximum.

[jayschool2013]

21. A state issue?

In what state is a $14,500 annual salary a living wage?

[Alice B.]

26. Sarcastically I say, Pennsylvania

Which aligns with the federal minimum wage.

It was in the news recently that many state officials, including our governor, got a raise while neighboring NJ and Delaware raised their minimum wage… but here we are.

https://northeasttimes.com/2025/01/07/philly-area-2025-laws/

[jayschool2013]

30. It's $15 here

in your neighboring state of Maryland.

[BumRushDaShow]

35. Map of the area minimum wages

For us here in PA to have a LOWER minimum wage than even WV, is a disgrace!

And then that not only encourages the loons, but even our own liberals, to continue to berate and taunt us with the "Philadelphia is the 'poorest big city' in the nation" crap. The city itself has set a $16.35 min for anyone who has a contract for work for the city - https://philawx.phila.gov/ECONTRACT/Inc/Overview.aspx

LIVING WAGE MINIMUM WAGE STANDARD NOTICE OF RATE EFFECTIVE JULY 1, 2024
Please be advised: Effective July 1, 2024, the Minimum Wage Standard under Chapter 17-1300 of the Philadelphia Code is: $16.35 an hour. This rate is applicable to: 1. New contracts that are effective on or after July 1, 2024; 2. Amendments and renewals of present contracts, if the amendment or renewal is effective on or after July 1, 2024; 3. Contracts of longer than one year, which were entered into on or after July 1, 2019, and which have not been renewed or amended since that time. The City encourages vendors who are paying their employees more than $16.35 an hour to continue to do so.

But our state has preemption codes in place that restrict us from going further than what is applicable for our municipal workforce (and that even includes the preemption on us enacting stricter gun controls too).

[Alice B.]

40. I used to do a lot of volunteer work with a local civic organization

And I remember being at meetings where people from the Chamber of Commerce and economic development groups were talking about how many local businesses were b*tching after a home decor distribution center moved in and offered higher wages, thus attracting alllll the "good" workers.

Around the same time, some numbers were going around social media, from a local study, showing what you needed just to be able to live in our borough. The disconnect is just gob-smacking to me.

[BumRushDaShow]

42. And those Chamber of Commerce Branches

often throw their weight around - particularly when it comes to lobbying AGAINST workers.

[Alice B.]

36. I have so much Maryland envy, too

I really contemplated fleeing your way after the election.
And while it’s not $15, WV’s minimum wage is higher than ours, too.

[dchill]

22. Otherwise, there can't be more billionaires.

[OverBurn]

23. Showing what assholes we already know they are.

[Hotler]

24. Another reason for a spending boycott. They're counting on us to go on spending like crazy under Biden ....

For a spending boycott example see Blu25 in DU's Activist forum.

[BurnDoubt]

25. Great!

He can have the job... for $7.25 an hour. Maybe he'll get a pat on the head from (F)Elon and his side-kick for helping to eliminate Waste In Gubmit!!!!! The uglyarchy is forced to grudgingly "compensate" the "bloodsucking help" until the "work" can be done by machines. And in the meantime, H1B workers can make up the difference in technical expertise, saving more money by letting foreign governments train the labor we need... more savings!!! And a bigger tip for The First Felon.

[TomCADem]

28. And That Is Why The Teamsters Declined to Endorse Kamala

While Democrats worked hard to save Teamster pensions, Republicans like Trump are working hard to take away worker’s rights, and for unions like the Teamsters they only respect fear and intimidation. There was once a time when unions and progressives fought, but now we hide for fear of offending the plutocrats and look for scapegoats for our inaction.

That is right, I would totally be speaking at rallies and during public comments, but the media, Democrats, celebrities, etc., need to find some magical leader to inspire me to get off my ass from this keyboard to fight for my freedom and rights.

Perhaps I should blame AOC, Gavin Newsome, Rachel Maddow, etc., for my lazy progressive ass, because today disengaging and surrendering is the new resistance. It is too bad that the racist maga types who show up at local school board meetings to heckle even Republicans don’t share the view that resistance means hiding out on message boards and preaching to the choir of people who already agree with them.

[thebigidea]

49. Newsom is disengaging and surrendering? What absolute bullshit

California will continue to lead the way as it always has. Gavin manipulating Trump by raising a flag for one fucking day to ensure Los Angeles gets the help it needs is just smart politics. I doubt Jimmy Carter would choose one day of a flag down over timely aid to disaster victims.

California will continue to push back against Republican bullshit and show that a better way is possible.

Chris Christie also got that bullshit from his hard right supporters about capitulation and surrender to Obama because he did what he had to do to ensure hurricane relief for his state. Obama wasn't a narcissist like Trump who needed manipulation, but Christie's base was just as wrong to attack him for that as you are for claiming our governor is surrendering and disengaging because he's doing the disaster relief dance.

It's not like Christie let up on criticizing dems after the hurricane, he's still spouting stupid bullshit and attacking Dems despite being backstabbed and tossed like a used condom by the GOP.

And GN certainly won't be surrendering or disengaging either.

[truthisfreedom]

29. Because when you shift tax responsibility away from

The wealthy and heap it onto the lower middle class in the form of tariffs on all of the products that they buy, you can’t hear the sharp crunching of their bones if they’re making $15 an hour, and that does not spark joy to billionaires.

[lonely bird]

31. A hedge fund guy

Oh, goody.

What could possibly go wrong?

Since he contributes nothing to society, confiscate his assets.

[Javaman]

32. cruelty is the point.

keep them poor so they can never challenge the rich, right? RIGHT?

That's worked out so well in the past.

[TomCADem]

45. Teamsters Will Blame Democrats For Not Tanking This

But give Trump a free pass for nominating him.

[Buddyzbuddy]

33. Minimum wage Maga voters and "Democrats" that didn't vote should start a go fund me

campaign for billionaires. That's pretty much what you did anyway.

[PortTack]

52. Exactly! God forbid a WOC be in charge...cause of course that would've been just so so much worse

[travelingthrulife]

37. 'states rights' raises its ugly head again. Unless of course California or

another blue state does it.

These monsters would introduce slavery again. Well, they have since incarcerated 'illegals' will be the new age slave.

[BobTheSubgenius]

43. Obviously, circumstances vary from place to place, but, here in Greater Vancouver,

the minimum wage is more than twice that, and it is BRUTAL to try to survive on even that. $7.25 is unfathomable.

If you come across a 1BR basement suite for under $1500 around here, you should take it, even if you don't need it. It's too good a bargain to pass up. But...assuming a 40-hour work week, @ $7 25 you can't come close to affording it, even before withholding "taxes".

[Jimvanhise]

44. BY DEFINITION

the minimum wage means "I'd pay you less if I could."

[Nasruddin]

46. Seems right

Let's set the pay for "Treasury Secretary" to this

[thebigidea]

48. Man am I glad I live in California

We can afford to pay our workers double and somehow the world hasn't ended and it hasn't ruined restaurants forever

[C0RI0LANUS]

50. Perspective

The oligarchs that Trumpf is appointing to the government (Ambassadors, Secretaries) do not need the salary. Will they accept American taxpayer-funded paychecks?

As one of the richest Americans at the time, JFK donated his entire presidential salary to charity.

The average annual salary in the US is $69,368 (GDP per capita) but minimum wage amounts to approximately $14,500 per annum. This is a $55,000 per year difference. If average Americans are having difficulty paying their bills, how much worse could it be for the poor?

This is one of the reasons why organized crime continues in the US. Poor Americans can make real money (albeit illegally) trafficking drugs, weapons, counterfeit or stolen items. But we have the hard-on-crime GOP and FOP to take care of those trouble-makers, as well as the prison-industrial complex to house all of them at taxpayer expense while the guards enjoy decent salaries, peace officer status, and a pension after 25 years.


Sources:

https://tribuneonlineng.com/four-us-presidents-who-refused-to-take-annual-salaries/

https://salaryaftertax.com/us/salary-calculator

https://vittana.org/how-poverty-influences-crime-rates

[LittleGirl]

53. Well then he won't be upset if we pay him

7.25 an hour.

Shame on him. I will not be outraged by this idiot.